Dáil Éireann - Volume 556 - 05 November, 2002
Written Answers. - Urban Renewal Schemes.
Mr. Stanton Mr. Stanton
289. Mr. Stanton asked the Minister for Finance the deadline for urban renewal scheme tax reliefs for expenditure on commercial income, industrial and residential projects; the date by which projects must have 15% of expenditure incurred; if the date is 31 December 2002; if he will consider extending the deadline to at least  December 2003; and if he will make a statement on the matter. [20176/02]
Minister for Finance (Mr. McCreevy)
Minister for Finance (Mr. McCreevy): The deadline for incurring qualifying expenditure for both residential and commercial projects in the case of the 1999 urban renewal scheme is 31 December 2004. The original termination date for this scheme was 31 July 2001. This deadline was extended to 31 December 2002 in the Finance Act, 2000, and extended for a second time by an additional two years to 31 December 2004 in the Finance Act, 2002. The latest extension to the scheme will apply to projects where the relevant local authority certifies by 30 April 2003 that 15% of total project costs have been incurred by 31 December 2002.
There are no proposals to extend the 31 December 2002 deadline for incurring 15% total project costs. It should be pointed out that the 15% of expenditure can include, not only construction costs, but all other development costs involved, including site acquisition costs and associated fees. It is felt that the 15% cost qualifying condition is not unduly onerous and will enable the vast majority of projects to qualify for the two year extension to the qualifying period of the scheme.
Dáil Éireann 556 Written Answers. Urban Renewal Schemes.